ICRA Nepal Downgrades Ratings of Shangrila Development Bank , Rates Palpa Cement Industries at BB

ICRA Nepal has assigned an issuer rating of [ICRANP-IR] BB to Palpa Cement Industries Limited, indicating a moderate risk of default in the timely servicing of financial obligations. The agency has also reaffirmed the company’s long-term loan rating at [ICRANP] LBB and short-term loan rating at [ICRANP] A4+.

Similarly, ICRA Nepal has downgraded the issuer rating of Shangrila Development Bank Limited to [ICRANP-IR] BB- from [ICRANP-IR] BB@, indicating a moderate risk of default in the timely servicing of financial obligations. The rating has also been removed from ‘Watch with Negative Implications’, previously denoted by the symbol ‘@’.